Self-Employed Tax Deductions Worksheet (2024)

Small business tax write offs are your best tool to reduce a large tax bill.

It doesn't mean you should go on a shopping

spree — plan out the items your business needs to function and stick to it.

Our list of tax-deductible expenses helps you track extra money you may forget to claim on your taxes.

Self-Employed Tax Deduction Secrets

What can I deduct on my taxes?

Your business expenses must be ordinary and necessary for your industry.

You shouldn’t try to deduct a stethoscope if you’re a handyman.

It's a legitimate tax deduction (for a doctor), but it doesn’t meanyouare eligible to take it.

Your tax deductions should also be reasonable and not lavish.

Don’t deduct extravagant items, unless your business caters to high-end clients (and you can prove it).

If you’re not serving millionaires and billionaires, skip the uber-expensive furniture or designer office.

How do tax deductions work?

You can either deduct the purchase in the same year (expense) or spread it over several years (capitalize).

The IRS spells out what yo do for each situation, so it’s essential you know all the rules.

If you’re handling your bookkeeping (and not using a professional), make sure you place all the transactions in the proper business expense categories with memo notes and receipts.

The end-of-year statements you hand over to a tax return preparer onlysummarizeyour business finances.

It’s up to you, or your bookkeeper, to classify the individual transactionsthroughout the year.

Otherwise, the reports are wrong, and you'll pay extra for an accountant to fix it for you at tax time.

List of tax write-offs for self-employed

The business tax deductions list includes items you are likely to buy but may forget to add on your tax return.

Use it as a worksheet tothink of other self-employed business expensesyou didn’t know were available to you.

Office Productivity

When you’re ready to outfit your office, you can deduct a variety of purchases.

1.Multi-function office printer/copy machine
2.Printer paper
3.Printer ink
4.Office scanner
5.Shredder
6.Laptop,tablet,desktop computer
7.Carrying casefor a laptop or tablet
8.Mouseandcomputer accessories
9.Extension cords
10.Surge protectorpower strip
11.Deskorconference table
12.Stapleranddesk accessories
13.Office chair(s)
14.Office supplies
15.Filing cabinet
16.Folders and labels
17.Bookshelf
18.Portable printer
19.Portable scanner
20.Rolling office bagfor off-site visits
21.Three-way plug adapter

Main Lobby

A great first impression can do wonders for your business. Here are the everyday items you’ll find in an office lobby.

22.Artworkorposters

23.Couchandarmchairs
24.Coffee table
25.Area rug
26.Coat rack

27.Flat screen TV
28.Table lamps
29.Candy bowl
30.Charging station
31.Water,soda, andsnacksfor customers
32.Coffeemaker
33.Disposable cups
34.Coffeeandtea
35.Coffee condiments

Storage Room

You may need to place inventory, files, and extra equipment or tools into a secure location. Let’s look at what you’ll find in a storage room.

Marketing Items & Brand Building

We all need to put the word out there (or you’re less likely to get new customers). Here are a few ways you can do it.

51.Business cards
52.Flyers
53.Brochuresandrack holder
54.Door hangers
55.Postcards
56.Presentation folders
57.Notepads
58.Pens
59.Logo and graphic design
60.Swag/giveaway items
61.Window decalclings
62. Vehicle wrap ormagnets
63.Billboard advertisem*nt
64. CPC/PPC digital advertising
65.Direct mail marketing
66. Newspaper ad
67. Online directory
68. Domain registration and hosting
69. Trademark application
70. Incorporation fees and renewals
71. Registered agent fee
72. Business license

Employees and Independent Contractors

At some point, you will need help to run your business, but it doesn’t come without its tax-deductible perks.

73. Wages and salaries
74. Bonuses
75. Payroll taxes
76.Payroll processing fees
77. Workers comp insurance
78. Unemployment insurance
79. Key person insurance
80. Health insurance
81. 401K match
82. Taxable fringe benefits
83. HR software
84. Job advertising fees
85. Screening costs
86. Recruiter or headhunter fees
87. Corporate training
88.Awardsand incentives
89. Reimbursem*nts (accountable plan)
90. Freelancer invoices
91. Legal, accounting, and consulting fees
92.1099/W-2form filings

Headquarters/Business Office

You will incur several expenses to operate your office, including

93. Office rent or mortgage
94. Maintenance and repairs
95. Improvements
96. Real property taxes
97. Tangible property taxes
98. Utilities
99. Property insurance
100.General liability insurance
101.Errors and omissions insurance

Last Updated: 6/17/20

DISCLAIMER

Please consult with your accountant, attorney, and financial advisor before implementing any information displayed on this website. DIY research does not replace the advice of a licensed professional who has thoroughly reviewed your file.